Dangote tells Nigerians: Economic crisis not doom for Nigeria

Africa’s richest man, Aliko Dangote has said that the current world economic crisis caused by falling oil prices does not necessarily mean doom for the Nigerian economy.

Speaking at the 11th edition of the Nigeria Summit hosted by the Economist magazine, Dangote said the present crisis presents opportunities that could grow the economy.

Using his businesses as an example, Dangote said local firms can actually do well in hard times depending on the business model they adopt.

He noted that despite the economic challenges facing most countries, his local investments in cement, sugar and rice has continued to do well due to his business model and reliance on local raw materials.

According to Dangote, one of the keys to surviving the crisis is for local companies to look inward in sourcing their raw material thereby depending less on foreign exchange. He also said that local company should look towards exporting their products instead of importing every part of production.

Dangote also emphasised that improved local production capacity and self-sufficiency would help grow the naira. He further contended that the Nigerian economy would grow if the government is consistent in its policies.

The Nigeria Summit continues Tuesday with other top industry bigwigs who are expected to deliver speeches at the event.